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Appraisers use the 1004 appraisal form to appraise a single-family home. Known as the Uniform Residential Appraisal Report (URAR) and is used to find the opinion of the value of real estate.
The Market Conditions Addendum (Form 1004MC) is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser. The Market Conditions Addendum will be required with all one- to four-unit property appraisals performed on or after April 1, 2009.
This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
25 Φεβ 2022 · 1004MC or 1004 ANSI. By George Dell, MAI. Excerpt: The 1004MC “market conditions” appraisal addendum was created by Fannie Mae and Freddie Mac to require a form-based market analysis. This added to the traditional practice to collect a handful of ‘comps’ to opine and foretell market price. There are problems and unintended consequences.
The following single-family residential appraisal was completed as an example for educational purposes only. Everything in the report is fictional, but it provides a great look at what a real uniform residential appraisal report should look like.
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an interior and exterior inspection of the subject property.
The Market Conditions Addendum (Form 1004MC) is designed to enhance the transparency of the market trends and conditions conclusions made by the appraiser. The Market Conditions Addendum is currently required with all one‐ to four‐unit property appraisals.
